The managing director of the National Iranian Offshore Oil Company (NIOOC) has claimed the country is currently extracting 2.5 times more oil from Hengam joint field compared to the neighboring Oman.
State-sponsored media outlet Press TV quoted Mahmoud Zirakchian-zadeh in December saying Iran has been tapping the field in recent years and based on the current plans, extraction is likely to increase further.
80 per cent of the oil field is located in Iranian waters, with the remaining 20 per cent in Oman waters. Production levels kicked in the Iranian [portion kicked off at 10,000 bpd in August 2010.
Iran began extracting oil from the field about a year later than Oman, but is currently extracting about 22,000 barrels per day of extra light crude oil (almost 2.5 times that of Oman) from the offshore field.
According to current estimates, Iran’s oil extraction from the field will hit 30,000 barrels per day by March 2012.
The National Iranian Oil Company has invested US$450 million in the first phase of the field’s development and a total of $800 million has been allocated to the first and second phases of the field’s development.
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